SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report:
March 20, 2018
Algodon Wines & Luxury Development Group, Inc.
(Exact name of registrant as specified in its charter)
|State of||Commission File||IRS Employer|
135 Fifth Ave., 10th Floor
New York, NY 10010
Address of principal executive offices
Telephone number, including
Former name or former address if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|[ ]||Written communications pursuant to Rule 425 under the Securities Act|
|[ ]||Soliciting material pursuant to Rule 14a-12 under the Exchange Act|
|[ ]||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act|
|[ ]||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act|
Item 8.01 Other Events
Algodon Wines and Luxury Development Group, Inc. (the “Company”) received deed approval from the Cadastral Agency of Mendoza for the sale of certain real estate lots held by the Company in Argentina. Lots were deeded to private buyers who have no material relationship with the Company, its affiliates, directors and officers or their associates and resulted in the immediate recognition of approximately $870,000 of revenue.
Additionally, on March 20, 2018, the Board of Directors (the “Board”) of the Company approved the option to offer holders of the Series B convertible preferred shares (the “Series B”) shares of common stock of the Company in lieu of a cash payment of any unpaid dividends (together with any accrued interest) that are due and owing. The Board also approved the payment of dividends to eligible Series B holders as of September 30, 2017 in the amount of $124,494.76 and an additional $160,592.93 as of December 31, 2017.
The shares of common stock in lieu of the cash dividends paid to the Series B holders will be exchanged at a rate equivalent to the current market value of the common shares, as determined in good faith by management.
Item 9.01 Financial Statements and Exhibits
|99.1||Press release issued by Algodon Wines and Luxury Development Group, Inc., dated March 27, 2018|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 27th day of March 2018.
|Algodon Wines & Luxury Development Group, Inc.|
|By:||/s/ Scott L. Mathis|
|Scott L. Mathis, President & CEO|